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of <h1>Ind AS 11 Omitted: Key Accounting Rules for Construction Contracts and Service Concessions No Longer in Effect Since 2018.</h1> The Indian Accounting Standard (Ind AS) 11, which was omitted effective April 1, 2018. It previously detailed the accounting treatment for construction contracts, focusing on the allocation of contract revenue and costs over different accounting periods. The standard distinguished between fixed price and cost-plus contracts and provided guidance on combining and segmenting contracts, recognizing revenue and expenses, and handling contract costs. It also addressed the accounting for service concession arrangements, where private entities operate public infrastructure, detailing the recognition of financial and intangible assets, and the disclosure requirements for such arrangements.
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